Kuwait – 30 October 2014: In his interview with CNBC, César González-Bueno, the Chief Executive Officer of Gulf Bank, commented that since he joined Gulf Bank last March, he has formed a very positive impression on the Bank's financial position which, he confirmed, has completely recovered from the repercussions of 2008 crisis.

Mr González-Bueno said that the efforts by Gulf Bank to achieve a successful recovery since 2008 makes him look to the future with both confidence and determination.  He added that the ratio of Non-Performing Loans (NPLs) have decreased this year from 6.3% to 5.1% while the total NPL coverage reached 238%.  The excess General Provisions have increased from KD158 Million to KD201 Million , a growth of 27.2 % during 2014.

The Bank's loans have grown by 13% and the capital adequacy is at 16.6% against the regulatory ratio of 12%.

Commenting on these results, Mr González-Bueno said: "This is an excellent achievement. I have never seen such a high coverage ratio, even in International Standards. This ensures that the Bank can face any unforeseen situation in the future with confidence."

Mr González-Bueno indicated that Gulf Bank's share of the Kuwaiti market is close to  15%, and is growing steadily through Gulf Bank's consistent efforts to pioneer product innovation and services.

He said: "We have been the very first in launching the famous Al Danah Account, and we have made remarkable progress this year in Retail Banking, where we have seen 25% growth.

In terms of corporate banking and projects, I believe Gulf Bank is ready to accommodate future growth, which I hope will take place soon enhanced by the State's developmental projects.  We are fully ready and prepared to participate in the financing of these projects."

Mr González-Bueno ended by saying: "I feel most fortunate to have joined the Gulf Bank team and I have great confidence for the future.  Settling in Kuwait has been very easy and the Kuwaiti people are one of the most hospitable and warm people I have come across in the world."

Mr González-Bueno